60% women in India own gold jewellery: WGC survey

FPJ Web DeskUpdated: Wednesday, May 27, 2020, 09:04 PM IST
article-image
Pexels

Culturally, gold is a valued possession. Adding to it, is the feeling of security it gives. This could be the reason why 60 per cent of the women surveyed by the World Gold Council (WGC), agreed to own gold jewellery. But there is more space for the gold jewellery business to grow, stated WGC report.

The survey, which was conducted with 2,070 women, revealed that about 49 per cent of women will not consider buying gold, while 51 per cent will consider buying gold. Of the 51 per cent, the survey claimed 37 per cent never bought gold before but are considering buying it. The report has termed such respondents as ‘considerers’.

The report revealed more women in rural India are considering buying gold jewellery compared to women in urban areas. While 44 percent of the rural respondents were mulling about buying gold, only 30 per cent of urban respondents were considering buying the yellow metal. However, the survey pointed out that women who wish to buy gold face hurdles in buying the yellow metal.

WGC data

It is interesting to know that women respondents in rural India viewed gold as a means to command respect. “Gold jewellery purchases are commonly driven by a need for financial value and ease,” the report claimed.

It was found that gold jewellery ownership is very high in India. “This cements its dominant position in the luxury fashion and lifestyle category. But it also explains why many shoppers feel they have enough already.”

The survey highlighted the need for diversification. It stated gold needs to break its traditional stronghold and build fashion appeal. It was stated that India’s modern woman is increasingly focused on independent self-expression. To reach out to such women, the industry will have to innovate, the reports suggested. It is time the gold industry moves from making jewellery for occasional wear to something more modern.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Daily Horoscope for Tuesday, July 5, 2022, for all zodiac signs by astrologer Vinayak Vishwas...

Daily Horoscope for Tuesday, July 5, 2022, for all zodiac signs by astrologer Vinayak Vishwas...

Maharashtra Assembly: NCP's Ajit Pawar elected as Leader of opposition

Maharashtra Assembly: NCP's Ajit Pawar elected as Leader of opposition

Maharashtra: Congress high command unhappy over absence of 11 MLAs during trust vote

Maharashtra: Congress high command unhappy over absence of 11 MLAs during trust vote

‘It’s the ED govt’: Devendra Fadnavis adopts oppn jibe as Eknath Shinde comfortably wins trust...

‘It’s the ED govt’: Devendra Fadnavis adopts oppn jibe as Eknath Shinde comfortably wins trust...

This Palghar village takes lead, forbids widowhood rituals

This Palghar village takes lead, forbids widowhood rituals